Goldman's Arrangement Muddles Planned IPO of FireEye

The planned initial public offering of FireEye Inc. puts Goldman Sachs Group Inc. on two sides of the nine-year-old networking-security company.

Goldman is one of the lead underwriters of the IPO, which could raise $175 million as soon as next month. The New York securities firm also has made a $10 million personal loan to FireEye's founder and vice chairman, Ashar Aziz, that is secured by Mr. Aziz's 10.7% stake in the Milpitas,...